At a glance

4.0

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

With a full suite of deposit accounts, State Employees’ Credit Union is a good option for workers in North Carolina looking for affordable banking products with a local provider.

Highlights

24/7 Customer Service
Highly Rated App
Low Fees

Overall

State Employees’ Credit Union offers all of the standard deposit accounts, including share certificates, savings, checking and money market accounts. APYs on these products are not very competitive, but they charge minimal fees and have low minimum opening deposit requirements.

Though members don’t necessarily have to live in North Carolina, they do need to have a connection to the state through their employment. Plus, branches and fee-free ATMs are limited to North Carolina.

Pros

Accounts charge minimal fees.
There are low barriers to entry — most accounts have no or a low minimum opening deposit requirement.
APYs on share certificates are fairly competitive.

Cons

Higher rates for savings and money market accounts can be found elsewhere.
Checks and ACH transfers aren’t available for savings and money market accounts.
You need to have some connection to North Carolina through employment to be eligible for membership.
ATMs and branches are limited to North Carolina.

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State Employees’ Credit Union banking products

3.3

Bankrate Score

Compare top savings rates

State Employees’ Credit Union savings overview

Opening a share savings account is a requirement to maintain membership with State Employees’ Credit Union. Luckily, the minimum balance requirement is low — $25. There’s also no monthly maintenance fee as long as you have a $25 balance at the end of the statement; otherwise only a $1 fee is assessed.

The APY, however, is low. You also can’t write checks or make ACH transfers from the account, though transactions can be made against the account from an ATM, online or at a branch. Unlike other types of accounts offered, funds in the share savings account can be used as collateral for loans from the credit union.

Pros

The $25 minimum balance requirement is low.
There’s no monthly fee, other than a $1 fee if your balance is under $25 at the end of a statement cycle.
Funds can be used as collateral for loans.

Cons

Much higher rates on savings can be found elsewhere.
Members cannot write checks against or make ACH transfers from the account.

Rate history for State Employees’ Credit Union's Savings account

State Employees’ Credit Union

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

State Employees’ Credit Union

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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State Employees’ Credit Union CD overview

State Employees’ Credit Union offers eight share certificates — the equivalent of CDs for credit unions — with terms ranging from six months to five years. All certificates require a minimum of $250 to open, which is low compared to minimums that other institutions require.

Rates for the credit union’s share certificates are competitive, though they’re lower for terms of 30 months or more. The one-year certificate, in particular, offers a top-notch rate. All share certificates can be opened online or at a branch, though you must meet membership requirements to do so.

Earned interest is transferred monthly into a SECU account of your choice.

Pros

A wide range of share term certificates are offered.
APYs are competitive, especially for the one-year term.
The $250 minimum opening deposit requirement is low.
Earnings are distributed out monthly.

Cons

No specialty certificates are offered.
Terms of 30 months or more have lower APYs.

3.0

Bankrate Score

Compare top money market rates

State Employees’ Credit Union money market overview

State Employees’ Credit Union offers a money market share account that requires $250 to open. You also need at least $250 to earn interest and avoid a $2 monthly service fee.

The APY offered on the money market account is higher than APY for the credit union’s savings account, but there are still much higher rates available at other financial institutions. Like the savings account, the money market account does not allow for check or ACH transactions to be made against it. Members can, however, access funds at an ATM, at a branch or online.

Pros

The APY offered is higher than the savings account.
There’s only a $2 monthly fee if your account balance falls below $250 — otherwise it’s free.

Cons

Checks and ACH transactions can’t be made against the account.
Higher APYs are available elsewhere.

3.8

Bankrate Score

Compare top checking rates

State Employees’ Credit Union checking overview

State Employees’ Credit Union’s checking account is an interest-bearing account with no minimum balance requirement. Account holders can either make a monthly $1 contribution to the State Employees’ Credit Union Foundation or pay a $1 monthly maintenance fee. The APY is minimal, but it’s earned on all balances.

For the first two days of a calendar year that an account holder incurs overdrafts, there are no overdraft or NSF fees. After that, the overdraft/NSF fee is $12 per transaction, which is lower than average. There are also no account closing fees.

Members have fee-free access to CashPoints ATMs, which are available in all North Carolina counties. The ATM network is limited to North Carolina, though. Transactions made at out-of-network ATMs will incur a $0.75 fee, which is below average.

Pros

There’s only a $1 monthly fee and no minimum balance requirement.
All balances earn dividends.
Members don’t incur any fees for the first two days that they overdraw the account in a year.
The $12 overdraft fee after the two free days is low.

Cons

Fee-free ATM access is limited to North Carolina.
Although the monthly service fee is low, it cannot be waived.

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Bank fees

Fee	Charged?
Overdraft fee	$12 (after first two per year)
Non-sufficient funds fee	$12 (after first two per year)
Account maintenance fees	$1 for checking
Out-of-network ATM fee	$0.75
Excessive transaction fee	$0.20 per item after first 50 in a month

Customer experience

Customer service. State Employees’ Credit Union branches are open Monday through Friday, 8:30 a.m. to 5:30 p.m. There’s also a Member Services phone line that’s available 24/7. Other ways to get in touch with the credit union are by sending an email, sending a secure message online or accessing self-services on the mobile app.

Highly rated mobile app. The credit union’s mobile app is highly rated on both the Apple store and Google Play. With the app, members can transfer money, make payments toward loans, deposit checks, set up recurring bill payments and more.

Financial education. The credit union has several community outreach programs, including financial education programs that provide free financial management workshops for children and adults.

About State Employees' Credit Union

State Employees’ Credit Union was founded in 1937 with just 17 members and has since grown to become the second largest credit union in the United States with over 2.7 million members. It’s headquartered in Raleigh, North Carolina, and all of its nearly 300 branches are spread across the state. Membership is open to anyone who works in North Carolina or for an agency or department based in North Carolina.

How does State Employees' Credit Union compare to other banks?

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

State Employees’ Credit Union Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about State Employees' Credit Union

State Employees’ Credit Union banking products

State Employees’ Credit Union savings overview

Pros

Cons

Rate history for State Employees’ Credit Union's Savings account

State Employees’ Credit Union CD overview

Pros

Cons

State Employees’ Credit Union money market overview

Pros

Cons

State Employees’ Credit Union checking overview

Pros

Cons

Bank fees

Customer experience

About State Employees' Credit Union

How does State Employees' Credit Union compare to other banks?

Review methodology

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